tv World Business Report BBC News August 22, 2017 5:30am-5:46am BST
this is bbc news — the headlines. president donald trump's been spelling out his administration's new policy on afghanistan. he didn't announce the thousands of new troops expected — but did say he was going against his original instinct for withdrawal. four men accused of being part of a terror cell which killed fifteen people in spain last week are to appear this morning in court. police say they've shot dead the driver of the van that killed 13 people in barcelona. an earthquake with a magnitude of four has struck the italian tourist island of ischia — off the coast of naples — killing at least two people and injuring dozens more. the islands main hospital had to be partly evacuated. millions of americans have watched the first total solar eclipse to sweep from the us pacific coast to the atlantic in almost a century. scientists were hoping the eclipse would provide an opportunity to study the sun's corona.
now it's time for world business report. president trumps called it horrible and says it needs to be renegotiated or scrapped. today it's south korea's turn at the negotiating table to save its trade deal with the us. from a $6 billion loss to a $6 billion profit — what a difference a year makes for the mining giant bhp boosted by strong commodity prices. welcome to world business report. i'm rachel horne. over the weekend it was canada and mexico — now it's the turn of south korea to try and renegotiate its trade deal with the us. president trump has described the pact as horrible and has threatened to axe it. south korea is america's sixth biggest trading partner. since the deal called korus came
into effect five years ago, the us says the trade deficit has doubled from $13.2 billion to $27.6 billion. but some experts say that it could've been even more if there wasn't a deal at all. supporters applaud the elimination of 95% of tariffs as was closer economic ties generally. including foreign direct investment into the us, $4.8 billion in 2011 to a record $12.9 billion last year. with me is harry colvin, senior market strategist at longview at longview economics. president trump is focusing on the trade deficit which you said —— which is now more than $27 billion. what is this issue with the deficit
and is such a big deficit a bad thing? deficits can be a thing. some economies of the large trade deficit are vulnerable because they need to import capital to fund that deficit. 0ften import capital to fund that deficit. often they have currency crises following that in the case of the us which has the world's reserve currency and a small deficit, it is not a bad thing. the point is, the fallacy of the trump administration and what they are planning as they believe they can close the trade deficit and bring back manufacturing jobs and that's not entirely clear it will work. there are lots of the common “— it will work. there are lots of the common —— economies run surpluses. but they have had a fall in manufacturing jobs. it's not entirely clear this policy will work. can he cancelled? -- can he cancelled? with trump, you can see
all manner of things happening. you will first try to renegotiate the deal. there are genuine nontariff barriers to entry. there was a report commissioned by an independent folly so there are genuine issues with the deal. cancelling is probably a last resort. how do south korea feel about it? from the point of view, how does it work for them?” about it? from the point of view, how does it work for them? i think it's worked quite well. they have expanded their trade deficit. their exports have gone up. that is ultimately a good thing that our growth. south korea is in the unique position geographically, just below north korea, and there is a strong military presence. well those factors come into play in these negotiations? probably not. the north korean issue is probably a separate one to trade. thank you
very much your time. the mining giant bhp has returned to profit — making almost $5.9 billion over the past twelve months. strong commodity prices helped it to bounce back from a big loss last year. the anglo—australian firm also says it will look at selling its us shale operations which it says is not part of its core business. hywel griffith is in sydney. this is quite a turn around for bhp — how have they done it? as you say, $5.9 billion profit compared to last year, more than $6 billion loss. it's been driven by that increased demand for commodities coming out of china said bhp has enjoyed the rise in iron ore prices. they were something like 32%. also, an increase in prices or things like copper and coal and nickel, enjoying profits in china —— in china. those profits announced today, not quite hitting the mark.
they wanted $6 billion but still good news for the shareholders who will see a tripling of the dividend. bhp have said they might consider selling their us shale operations. it isa selling their us shale operations. it is a big signal to the market and certainly something its shareholders will be pleased about. bhp's experience has not been happy. something in the region of $14 billion it has spent but it is not getting a big return on its investment so before now, it's said this wasn't a good way to spend its money. it doesn't see that the market in the us can be replicated elsewhere. shale oil is not taking off globally so it's signalled it will not be a core part of its business and it's prepared to sell off. that will give confidence to the shareholders going forward. in other news, the british airline pilots' association says it has authorised
a strike by thomas cook pilots over a pay dispute. the dispute follows nearly eight months of negotiations over a pay rise which was due in april. the industrial action will happen on september the 8th. johnson &johnson has been ordered to pay more than $400m to a woman who says she developed ovarian cancer after using products such as baby powder. johnson &johnson has defended the products' safety and says it plans to appeal. this week we're looking at the business of death. not every new idea in silicon valley seeks to disrupt an industry. dave lee looks at a couple of novel ways using the latest chat bot technology to both prepare for our own death and remember loved ones once they're gone. thinking about death can be difficult and uncomfortable but i'm trying out a chatbot which takes you
through some of the most important questions. do i want to be resuscitating, do i want family members to pray for me if i'm unconscious? the chatbot, named emily, is made by small start—up in 0akland called lifefolder. emily, is made by small start—up in oakland called lifefolder. you do it isaforum, oakland called lifefolder. you do it is a forum, there is a forum now, but these things are not easy to understand and it's easy to be taught to it step by step. at the end of the conversation, emily will send you an email link which allows you to download a full set of documents. they include legally binding documents you can sign and have witnessed or have them notarised and at that point, they are legally binding in the states we support. using technology like this could give us a more comfortable and private way to answer difficult questions about the end of our lives and a chatbot allows you to have a vivid memory as well. are you there?
whenjames vivid memory as well. are you there? when james learned vivid memory as well. are you there? whenjames learned his vivid memory as well. are you there? when james learned his father was terminally ill with lung cancer, he set about creating a chat bot which would mimic what his father said in real life. i had some background in this ai technology which was allowing people like me to create something like dad bot and very soon, it came to feel like this was something i should do. so this is the raw material? this is the raw material for the dad bot. james interviewed his dad about all aspects of his life so the answers we re aspects of his life so the answers were given in character. let's talk about college. she also recorded him singing his favourite college football songs when words on the screen would not tell the whole story. do you think there is a business here? i am convinced there isa business here? i am convinced there is a business around this, just because it is so universal. everybody has lost somebody, is
losing somebody, and is already grasping at every technological means to keep them. but now, james says he intends to use the technology as a private way to remember his father. asian markets are open and trading — they are up slightly — and the nikkei were to end lower it would mark a fifth day of decline, the longest losing streak since april 2016. crude oil prices inched higher, lifted by indications that supply is gradually tightening, especially in the united states. see how the us closed. no major economic figrues out this week — instead investors focusing on the annual central banking conference injackson hole in the us it's a case that's gripped —
and now shocked — denmark. police investigating the disappearance of a female journalist during a trip with an inventor on his privately—built submarine — say the headless body of a woman has been found. since kim wall went missing, the waters around sweden have been searched are. now a female torso has been found. police said cyclists saw a body in the sea and alerted them. this was kim wall and peter madsen on top is submarine, the nautilus, pictured on the 10th of august. she had been researching a feature she was going to write about him and the 40- was going to write about him and the 40— ton submarine he designed and built himself. she has not been seen since is and was reported missing by her boyfriend with divers,
helicopters and boats out looking for her. peter madsen was spotted on the nautilus the next day. his submarine sank that he was rescued. he initially claimed he had dropped kim wall off on one of copenhagen‘s islands but now he says there was an accident, that she died and he buried her at sea but he denies any wrongdoing. my client has not confessed anything. my client still pleads not guilty to the charges against him. now police believe peter madsen sunk his own submarine and has been charged with negligent manslaughter. peter madsen hit the headlines in 2008 when he managed to build the nearly 80 metre long vessel using on line crowdfunding. a postmortem is currently being carried out on the body that has been found as the investigation continues into what happened to kim wall. coming up on breakfast, all the days
news, and sport. breakfast, on this channel from six o'clock. the news review soon. this is bbc news. the latest headlines: president donald trump's been spelling out his administration's new policy on afghanistan. he didn't announce the thousands of new troops expected — but did say he was going against his original instinct for withdrawal. four men accused of being part of a terror cell which killed
fifteen people in spain last week are to appear this morning in court. police say they've shot dead the driver of the van that killed thirteen people in barcelona. an earthquake with a magnitude of four has struck the italian tourist island of ischia, off the coast of naples, killing at least two people and injuring dozens more. the islands main hospital had to be partly evacuated. you did the right thing, then, just smiling and looking interested. you did the right thing, then, just smiling and looking interestedlj you did the right thing, then, just smiling and looking interested. i am getting ready for the paper review. the cameras have a mind of their own. we are going to look at the newspapers 110w. the irish times leads with the news police in catalonia have shot dead the driver of the van which killed 13 people in barcelona. younes abouyaaqoub had been on the run from police since thursday. the independent looks at how italy has been installing concrete barriers at famous landmarks following the terror attacks in spain last week. major tourist sites in milan, rome and turin have stepped up security in pedestrianised areas. the times says the us is putting pressure on nato members to send more troops to afghanistan.
in a speech a few hours ago president donald trump said us support was not open—ended and insisted he would not engage in "nation—building," a practice he has accused his predecessors of doing at huge cost. also in the times, people with long term gum disease are 70% more likely to develop dementia according to researchers. scientists believe that years of gum neglect could eventually damage the brain and also cause heart disease and some cancers. and finally the photo on front of the independent says it all. millions of americans were amazed by a total solar eclipse which swept the us from coast to coast.